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February 24th, 2015: SP-500 EOD Update

Posted by pugsma on February 24, 2015

3:45 pm EST:  The SP-500 chart consolidation during January 2015 for minor 2 has a measured move target of 2094 + (2094 – 1973) = 2215, which is just below the major [3]=[1] target of 2232.   So with the SPX at 2117 today, the SPX still has 100+ points of melt-up to go.

The primary count is wave (3) of minor 3 of major [3]-P5-C1 is unfolding with a wave (3) = 1.62*(1) target of 2149.  Within wave minute (3) of minor 3, it looks like wave iii-(3) completed at 2101 and wave iv looks like a flat that ended at the low of 2085.  Once minute (3) completes there should be about 23% retrace for wave (4) down to 2123, before wave (5) of minor 3 heads to a target of 2177, where minor 3 = 1.62*minor 1.   The major [3] target is at 2232 where [3]=[1].   Ultimately P5-C1 should reach at the least the P5 = 0.62*P1 = 2254 target by the summer of 2015 and there is the possibility that P5 could extend to the P5 = P1 = 2524 target by the end of 2015 (see the alternate (blue) count on the daily chart).

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 2-24-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 2-24-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 2-24-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 2-24-15

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